Busch, Ulrike; Nautz, Dieter - Sonderforschungsbereich Ökonomisches Risiko <Berlin> - 2009
Controllability of longer-term interest rates requires that the persis-tence of their deviations from the central bank … changes in the operational framework and the communicationstrategy of the European Central Bank have signicantly decreasedthe … persistence of euro area policy spreads and, thus, have enhancedthe central bank's inuence on longer-term money market rates. …